InsurTech company Send Technology Solutions has raised 拢9m in a Series A investment from Breega and Mercia to accelerate its growth in the UK and the US.
The funding is the first external investment for the London-based company and will enable it to further enhance the product, step up sales and marketing and expand its 60-strong team.
Send was established in 2017 by Ben Huckel, Matt McGrillis and Andy Moss, who had previously worked together in a technology company serving the insurance sector. They saw the opportunity to create an integrated solution for a part of the market which had typically been under-served.
Send鈥檚 underwriting platform streamlines operations and automates administration tasks, freeing up underwriters to focus on core work. It provides a one-stop desktop for managing new business, renewals, and endorsements.
The company鈥檚 platform, which was built for the commercial and specialty insurance markets, now processes over 拢3.5bn in gross written premiums (GWP) annually and is used by customers including IGI, Everest Insurance, US-based Bowhead and Bermuda-based Renaissance Re.
Send co-founder and听CEO Andy Moss said:听鈥淭he funding will enable us to build on our first-mover advantage, scale up the business and establish Send as the market-leading underwriting software platform.鈥�
Maxence Drummond, VC Principal from Breega commented:听鈥淲e are delighted to lead this round and support Send in its conquest of new markets. To date, Send has the most reliable and user-friendly solution in the underwriting workbench market.
鈥淪end is paving the way for a more agile industry, helping insurers, reinsurers and MGAs to transform traditional practices. At Breega, we strongly believe in their potential to become a global category leader in this space.”
Mercia is investing from its听Northern Venture Capital Trust (VCT) funds.听Hugo Lough from Mercia added:听鈥淯p to 40 per cent of an underwriter鈥檚 time can be spent switching between different systems. Send鈥檚 solution provides a single tool that improves productivity and provides data for decision making.
鈥淭he business has rapidly gained traction and, at a time when insurers are looking to streamline processes, we believe it has huge potential. The investment will accelerate its growth in the UK and internationally.鈥�
Mountside Ventures provided fundraising advice to the company.